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The Luddite Fallacy

The Luddite Fallacy. jobs displacement by technological innovation. research by: Shawn C Edwards. the luddite story 1811 - Nottingham, England. Ned Ludd (Later Known in Folklore as King Ludd or General Ludd) The Weavers and Their Woes The Resolve. Why is it called a fallacy?.

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The Luddite Fallacy

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  1. The Luddite Fallacy • jobs displacement by technological innovation research by: Shawn C Edwards

  2. the luddite story1811 - Nottingham, England • Ned Ludd (Later Known in Folklore as King Ludd or General Ludd) • The Weavers and Their Woes • The Resolve

  3. Why is it called a fallacy? • Economists argue that for every job lost due to technological displacement, one will be created as a result of it. • Economist Alex Tabarrok stated: “ If the Luddite Fallacy were true we would all be out of work because productivity has been increasing for two centuries”

  4. Proof For The Number Crunchers...

  5. Not Convinced?

  6. Did You See The Increase in years lived? Take Another Look...

  7. Another Side Note Making Hump Day a Little Less Blessed Currently – 34 hours 1900 – 60 hours 1850 – 72 hours

  8. So There’s Nothing To Worry About, Right? • What is the threshold of unemployment for severe economic collapse? • Could a large enough event of technological displacement cause us to reach that threshold?

  9. Let The Economy Boom Then... No? • The Dot-com bubble - the danger we faced from the economy doing too well. POP! • The correlation of the upstrokes and downstrokes

  10. Kick Him While He’s Down • One of the biggest problems with any job displacement is rent-seekers • Rent-seeking, a term coined by Anne Krueger in 1974 is the worker making considerably more than the average wage of workers in the same position • Rent-Seekers find themselves living beyond their means without an ability to recover

  11. The Federal Reserve Maximum employment, stable prices, and moderate long-term interest rates • The Federal Reserve assists in preventing economic collapse (So it is said) • Alan Greenspan - Reserve Chair under the Clinton Administration • Bernanke - Current Chair

  12. Summary Three points • The Luddite fallacy is correct in that on a long-term scale, the human worker will not be replaced by technology • However, there is an immediate threat on a short-term basis for a worker to be • There is a threshold that could cause economic collapse and technological displacement could be the cause of a short term disaster

  13. References • 1.http://www.marginalrevolution.com/marginalrevolution/2003/12/ productivity_an.html • 2.http://www.econlib.org/library/Enc/RentSeeking.html • 3.http://www.worldacademy.org/node/1716 • 4.http://www.economist.com/blogs/dailychart/2011/06/quantifying-history • 5.http://en.wikipedia.org/wiki/Talk%3ALuddite_fallacy

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